SB300 Summary

• Allows qualifying taxpayers with average monthly state sales tax liability below $2,400 to elect quarterly filing instead of monthly returns and payments by February 20 of each year.

• Permits taxpayers with average monthly liability below $1,200 to elect semi-annual returns due July 20 and January 20, or those with less than $600 average monthly liability to elect annual returns due January 20.

• Applies the same quarterly, semi-annual, and annual filing options to use tax and transient occupancy (lodging) tax with identical dollar thresholds and deadlines.

• Adds new Section 40-23-6.1 authorizing the commissioner to suspend or revoke tax licenses for fraud, material misstatement, failure to comply with tax provisions, or failure to maintain required surety bonds.

• Becomes effective the first day of the third month following passage and approval by the Governor.